Machine Learning in Finance
It is not impossible if machine learning is applied in various fields and one of them is in finance. An example is JojoExpense. This JojoExpense application was created with the aim of assisting in automatic data collection, preventing financial fraud, increasing productivity and also the ability to have full control over a company’s budget.
In implementing machine learning, JojoExpense is equipped with several features below.
- OCR technology
Optical Character Recognition or better known as OCR is a technology that allows users to be able to read directly from the total reimbursed number that has been photographed. The existence of this technology can make the data in the reimbursement grouped into certain ‘containers’, namely in excel. From this grouping, users can use it for certain purposes, for example for annual evaluations.
- Custom Multi-Level Approval
The existence of this feature allows you to be able to set up workflows so that it will be easier to accept or reject funding requests. You can arrange funding approval per department or only for certain departments. In this way, it will certainly be easier to save time. The person who submitted funds to the company will also not wait too long whether the funds are received or rejected. Even if the funds proposed are rejected, they can immediately make revisions and changes to the fund’s plan or budget that are appropriate to the needs and conditions of the company.
- Direct Bank Transfer
This feature allows you to not only manage company finances but also pay directly to employees who have previously made reimbursements. That way, the finance department will also have its own records with the management of cash out as reimbursement can be done well.
- Budget Controlling
JojoExpense is also equipped with budget controlling features. With this feature, it will make it easier for users to control financial conditions anywhere and anytime. This feature will be very effective for company executives to use. Because in this way, you do not need to come to the office, but you know how the financial conditions in the company.
In addition, through controlling the budget, it will also help you to prevent fraud. Usually, people who commit fraud will manipulate data that has entered into him and then submit to finance with greater or less value as long as it is profitable for him.
Because JojoExpense is equipped with budget controlling, it allows business owners to see the company’s financial condition. So that it will know whether the funds owned are in accordance with the incoming reports or not.
From the application of these features, users will get the following benefits.
1. Understanding of expenses
You will get information that contains data going in and out more quickly. For example, for the reimbursement process, you will know where the reimbursement process is because there will be automatic recording on the system